Fixed Deposit Interest Rate: After the order of RBI, banks have started withdrawing and replacing 2000 rupee notes.
But meanwhile, it was said in many media reports that the problem of liquidity of banks will end with the arrival of Rs 2000 notes. This will have a direct impact on the interest the customers get on FDs etc. That is, banks will reduce the interest rate available on FD in future. In the last one year itself, the repo rate has been increased by two and a half percent by the RBI.
After the increase in the repo rate, interest on FDs and other savings schemes was increased by the banks. However, in the last few months, banks have not increased the rate of FD. Not only this, some banks have reduced the interest rate offered on FDs to their customers. Let us know which banks have taken this step?
Punjab National Bank
Punjab National Bank has changed the interest rate on FDs of less than 2 crores. According to the bank’s website, the new rates are effective from June 1, 2023. The bank has reduced the interest rate on one-year deposits from 6.80 percent to 6.75 percent. Recently, the interest of FDs maturing in 666 days has been reduced from 7.25 percent to 7.05 percent. For senior citizens, the one-year FD interest rate was reduced from 7.30 percent to 7.25 percent. Similarly, FDs maturing in 666 days will get 7.55 percent interest instead of 7.75 percent.
Axis Bank
Axis Bank has reduced the interest rate on select FDs by 20 basis points. FD interest rates are effective from May 18, 2023. According to the information given on the bank’s website, the bank is offering 6.80 percent interest instead of 7.10 percent for schemes ranging from 1 year 5 days to less than 13 months. The bank is getting 7.10 percent interest instead of 7.15 percent on FDs ranging from 13 months to 2 years.
